MIAMI—Sunrise Distribution Center, a three-building class A industrial portfolio in Sawgrass International Corporate Park in Sunrise, FL has traded for $39 million. Denver-based Industrial Income Trust acquired the industrial asset from Irving, TX-based Cobalt Capital Partners.

Located at 900 International Parkway, 14599 NW 8th Street, and 13801 NW 4th Street, the industrial portfolio is 100% leased to five quality tenants. Cobalt purchased the buildings in August 2010 at 91% occupancy with one vacancy. Cobalt leased the vacant space and renewed two other tenants on a long-term basis during its ownership.

“This transaction is a good example of our value-add program in the light industrial sector,” says Lewis D. Friedland, Cobalt's managing partner. “Through leasing activity and capital improvements, our asset management and leasing teams worked together to add a significant amount of value to this asset for our investors.”